EMERALD RESOURCES NL (EMR)
Share Price Analysis and Chart

03/09/2026

5

Downgrade to Sell from Lighten

$5.40

-21.51%

FY26 earnings (EBITDA) for Emerald Resources rose 93% to $392m, broadly in line with consensus, according to Ord Minnett. Profit of $260m was 15% ahead of expectation due to a lower tax rate, the analyst explains.

The broker assesses a strong balance sheet, with around $458m of net cash and gold providing flexibility to fund growth at Dingo Range and Memot.

Upcoming reserve estimates and feasibility studies are expected to provide greater clarity on plans to lift production to more than 300kozpa from around 110kozpa.

Despite the operational momentum, valuation remains stretched and Ord Minnett downgrades to Sell from Lighten, retaining its $5.40 target.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 40.00 cents.
Ord Minnett forecasts a full year FY28 dividend of 26.00 cents and EPS of 55.00 cents.

17/09/2026

3

Hold

$6.90

0.29%

Canaccord Genuity maintains its rating for Emerald Resources to Hold with a $6.90 target price following the execution of a US$200m corporate acquisition facility mandate with Sprott Resource Lending and Macquarie Bank ((MQG)).

The five-year facility includes an accordion feature expandable to US$400m, providing flexibility to pursue additional assets to scale production from 100k ounces per year towards 800k ounces per year.

Commentary highlights existing cash and bullion reserves of $458m fully fund the combined US$315m capital expenditure required to develop the Dingo Range and Memot projects.

Development studies are expected during the current quarter for both assets, with Memot anticipated to produce 105k ounces annually at an all-in sustaining cost of US$1,300 per ounce and Dingo Range targeting 115k ounces annually at US$1,400 per ounce.

The analyst models full development of both assets occurring during FY27 ahead of commissioning in late FY27, noting the business is well positioned to pursue multiple growth pathways alongside the newly secured debt funding.